In simplified terms, there are three elements to South Carolina’s property tax system:
- Assessment ratio
- Market value
- Tax rate
The tax rate is generally reflected in "mills," or "millage rate." A tax mill represents a tax liability of one penny per $1 of assessed value; for example, a tax rate of 300 mills translates to $0.30 tax per $1 of assessed value.
This is true for both real estate and personal property.